Plus increased excise on fuel among other things.
Apologies if this is covered elsewhere
How about equality of effort from our permanent dole army?
At my retirement I expect my worth to be in the 2 to 3 seven figure range, through hard work, and prudent savings.
If any left wing morons think I'll be keeping wealth in this country subject to additional taxed to fund the lifestyle choices of the perpetually lazy, then they're in for a surprise!
Your nephew would be category B and allowed inherit €32,500 tax free, plus the €3000 yearly exemption and the cost of your funeral, legal expenses and probate.
He then has to give 33% of the balance to the government.
It is unfair, taxing private wealth and property that was acquired by a person who already paid their dues.
You see what will happen very clearly when you look up CAT or make your will.
What's unfair about taxing the newphew in that instance for an income they haven't actually paid their dues on?
Yep, Fair Deal my arse!
The disposer has already paid their fair share of dues.
Just to add, if the estate is left to several neices/nephews, each will have the €32,500 and €3000 p/a exemption.
The €3,000 only applies to gifts, not inheritances.
My point was that you do not pay an effective tax rate of 50% on your income. Take out your last payslip, divide your net pay by your gross pay and let us know how close to 50% you get.
Did they meet the criteria? Revenue can fight all they want, if the criteria is met then no tax will apply.
Precisely, so they try and bleed everyone and everything else. Dry.
Was that changed recently?
In one case, Revenue were able to prove the recipient was already wealthy, even though was still living in family home.
Dues have already been paid on it, by someone else… the government are just wanting to eat again.
The minimum wage is about 30k in order to be able to afford the bare essentials such as rent and food. That the top rate kicks in at 35k is honestly shambolic and a symptom of a broken country. The country is really unable to handle the bit of prosperity it has managed to experience and is squanderihg the wealth and gains of it
Being wealthy or not being wealthy is irrelevant when it comes to the dwelling house exemption. The rules on eligibility are simple and very clear.
OTOH, for agricultural CAT relief, the wealth of the beneficiary is taken into account.
That's the trade off we made to attract foreign investment and create jobs unfortunately
Not being smart here, it's called the Small Gift Exemption. Pretty sure it's only ever related to gifts, but not 100% certain if it was different years ago.
I know what it's called, but I'm fairly sure it could once be applied to an inheritance. Revenue now states it can't be used, but that info is dated 2020 so it may well have changed.
Was trying to find out, and stumbled across this piece of info - If someone gives you a gift and then passes away within two years, it is then considered to be an inheritance and the Small Gift Exemption doesn’t apply.
All angles covered by Revenue!
I don't feel strongly about inheritance taxation. It's a transfer from one person to another, and nearly all such transactions are taxed.
But the more you reduce the incentive for people to excel, the fewer people will do so.
I think Ireland's taxation in general brings us to that point. Just look at how few people in this country take a chance on starting a new business. That's why we're so dependent on a tiny number of multinationals. Anybody who does become successful is begrudged and apparently needs more taxation. Failure in business can have severe consequences.
Bringing it closer to home, my marginal tax rate is 52%. I have no interest in doing additional paid work for my employer. When I can't avoid it, I negotiate for anything other than taxable pay (e.g. more annual leave). I have colleagues who've turned down higher-paid roles because the additional after-tax pay wasn't worth the extra stress. I have a few friends who cashed in their chips, moved from the private sector to lesser-paid (stable and less stressful) public sector positions. The decrease in pay wasn't a huge deal for them once you take the tax into account.
I don't believe I and my friends/colleagues are unique. The more people that are incentivised to do similar, the less wealth is actually generated in the country. Less is available for "redistribution".
Some would be delighted with that - everybody poorer but more equal.
So a gift can magically turn into an inheritance within a 2 year period? That's taking the piss.
Are they worried terminally ill people will give away their assets and they'll lose out on a portion to tax?
I really struggle to understand how someone can be so selfish that they want to ensure their wealth isn't used to help anyone less fortunate than them, even after their death.
Yes Ireland is a fair tax country. get over it!
Ever wonder why the rich in the majority aren’t domiciled here?
You do realise that younger relatives are less fortunate than older one who have had a chance to make something of themselves? Property prices and the decline of a "job for life" has a huge impact on younger generations making a life for themselves.
Why should someone who has worked all their life, paid all their taxes, paid for their home (plus interest, maintenance and LPT) etc. be expected to subsidy the feckless and lazy after their death? They'll have done enough of that while alive and working.
Not in Australia or NZ, or the US, considering how high their threshold on that is, around $12 million.
Thank you. This is what I've been getting at in my previous posts, and in my experience you're completely correct. I also know plenty of people who wouldn't take higher paid jobs with more more hours and more stress, it just wasn't worth it after tax. It's hardly empirical data but anecdotal.
You can see some typical Irish attitudes to anyone with wealth in some posts here. So what if other people are wealthier than you, don't waste your energy begrudging them and trying to get them to fail or tax away their wealth in order to have "equality" - focus it on improving your own situation.
Good analysis of the impacts of 48.5% and 52% marginal tax rates on workers with modest incomes.
To charge workers on 38k a marginal tax rate of 48.5% is simply crazy.
It's way out of line of most other countries.
It's used to allow for higher salaries for civil servants, not for buying another pram for Jacinta. Look at the spectacular timing here: Public sector pay rise talks and a taxation commmission report on a need to tax people even more than they currently are, including raising a tax which is already the world's highest rate.
As I pointed out earlier, Australia has greater social equality than Ireland yet has no death duties.
France introduced a wealth tax which I think was something like 1% of the value of assets per annum for those wor. Great for social equality, right?
Tax revenues actually declined because they all went elsewhere, which is why Macron rescinded it.
Funny to have this commission recommending turning the screws on the most highly taxed sector, while the Irish government fights tooth and nail to try and not be forced to take €15 billion from Apple's hugely successful tax dodging, made possible by the Irish government of course.
Really? So how much extra does the estate of a person without children versus an estate where there are children? None, so no discrimination. And all person who obtain an inheritance are subject to the same tax regime, so again no discrimination.
Entitlement is not the same as discrimination.
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